SIFMA submitted comments to the SEC in support of the FINRA-proposed rule change regarding the definitions of non-public arbitrator and public arbitrator. According to SIFMA, the stated purpose of FINRA's proposal is to address concerns about arbitrator neutrality. The rule change would provide that persons who worked in the financial industry for any duration during their careers would always be classified as non-public arbitrators, and persons who represent investors or the financial industry as a significant part of their business would also be classified as non-public arbitrators, but

The House Financial Services Committee scheduled a markup for July 29, 2014 to consider six bills, including the Regulation D Study Act (H.R. 3240) (referring to Regulation D under banking law relating to deposits, not Regulation D under the Securities Act relating to private placements), the Federal Reserve Accountability and Transparency Act of 2014 (H.R. 5018) (the "Accountability Act"), and a bill to amend the Bank Holding Company Act of 1956 (H.R. 3913). Lofchie Comment: The Accountability Act would place a variety of constraints on the Federal Reserve, including that it conduct a cost

SIFMA, the Government Finance Officers Association, the National Association of Bond Lawyers and the Bond Dealers of America (the "Associations") submitted comments to the SEC regarding concerns with the current structure of the Division of Enforcement's Municipal Continuing Disclosure Cooperation Initiative ("MCDC"). The Associations provided the SEC with suggestions for modifications to the program in order to "maximize MCDC's potential to improve disclosure compliance, to increase participation in the initiative, and to provide the most accurate set of responses to the SEC," including

The SEC's Office of Investor Education and Advocacy issued an Investor Alert to warn investors about fraudsters who may attempt to manipulate share prices by using social media to spread false or misleading information about stocks. According to the Investor Alert, fraudsters can spread both positive and negative rumors about stocks through social media. In a "pump-and-dump" scheme, promoters "pump" up the stock price by spreading positive rumors to incite a buying frenzy, and then quickly "dump" their own shares before the hype ends. In other instances, fraudsters start negative rumors urging

The MSRB announced that it plans to provide free public access to public finance ratings from Kroll Bond Rating Agency on its Electronic Municipal Market Access ( EMMA) website. S ee: MSRB Press Release.